THINKING ABOUT
REFINANCING IN ARIZONA?
READ THIS FIRST
Kamesha Keesee
WHEN SHOULD I REFINANCE?
There are several reasons why homeowners choose to refinance. However, the most common reasons are:
• A DROP IN MORTGAGE
The most common reason why homeowners choose to refinance their mortgages is to secure a lower interest rate. This is the case that we’re experiencing currently with the historically low mortgage rates. So, if you’re thinking about
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refinancing, now is the best time. Moreover, when you secure a lower mortgage rate, you also lower your mortgage payment.
• IN CASE OF A NEW MORTGAGE PROGRAM. You can also refinance an Adjustable-Rate Mortgage (ARM) into a new Fixed Rate Mortgage (FRM), or when combining a first and second mortgage or when paying off a balloon loan.
• DEBT CONSOLIDATION.
Refinancing is a good option when you have sufficient equity and you want to pay off consumer debt by combining all debts into one lower monthly mortgage payment. This could also significantly reduce the short-term deficits in a budget.
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efinancing in Arizona could feel like the next step for anyone who has been through the journey of owning a home. Refinancing has never been a bad path to follow. However, if you’re planning to plan in Arizona, here are some answers to some questions you might have.
